Let's take the following case: a company markets a product in a highly competitive environment, where prices are already more than adjusted and qualities are more than standardized; in this context, the owner of the company receives confidential information that, if he invests in an improvement, 3 out of 4 customers will choose his product over that of the competition. In addition, this information urges him to do so as soon as possible because only half of the customers in his market consider that other companies in the sector are taking the improvement seriously. The normal thing would be for the company in question to put all its efforts into this improvement, to give it visibility and to rely on it to sell its products on the market, wouldn't it?
Well, it's not science fiction. Well, it's not science fiction: the improvement is called customer experience. And no, it's not confidential information: it's the latest report from a major consulting firm like PwC, based on a multigenerational survey of 4,000 Americans and 11,000 consumers in 11 other countries around the world (except for Africa).
The data from this report are indisputable, and have a clear call to action: more than half of consumers (at least in the US), consider that customer experience is a competitive advantage that is not sufficiently well exploited by companies. In other words, those who do it well are taking advantage of a huge window of opportunity to win new customers from their competitors, as well as to build loyalty among existing customers.
When it comes to ROI, there is no question about it. The 17,000 respondents say that, on average, they would be willing to spend up to 16% more on products and services with companies that optimize the customer experience. And 6 in 10 (63%) would be willing to be more likely to share information about companies that do so, resulting in greater brand awareness and a higher likelihood of conversion, lead nurturing and market retention. Conversely, 1 in 3 (32%) will say "good riddance" to entities that do not show real engagement, a percentage that rises to half (49%) in Latin America.
What's more important than customer service: a strong brand personality? It's worth being disabused: this is of interest to only one-fifth of the general population, and it doesn't even convince the "appetizing plate" of the so-called Generation Z. Only one in three millennials would agree to invest more in a company with a strong personality. In exchange, they want the product or service to have a good design, to be fun and, above all, to be mobile. Be careful because these are not only values of the most digital youth, but also apply to the entire population, with a little less vehemence but they are constant values. The market wants something attractive, fun and in the palm of their hand. And committed. All the rest is redundant.
These are the ingredients for competing in a market whose customers "are smarter than ever when it comes to customer service and experience, and expect more than ever". The pace of the market is set by companies with a strong digital character, capable of providing immediate responses, creating higher expectations and even anticipating consumer needs. That is, with those that not only sell, but also generate a comprehensive experience, and that also handle data with solvency: personalization is key in the customer experience. Big Data and Artificial Intelligence must join forces to categorize, identify patterns, provide optimized support, and be more intelligent and accurate in consumer advice and guidance.
Is the FAQ section of your website intuitive, navigable, clear and precise? If it isn't, it's no good. Do you accompany your customer service with explanatory videos? If you don't, you're out of the game. Do you facilitate contact? If you don't, your customer will go to the one who does. Customer service is no longer an option, and leaving it all to impersonal machines is almost suicidal. Machines are there to analyze and classify, and people (for the moment) to solve. Or to thank: because whoever invests in customer experience will probably receive more praise than criticism. The consumer no longer expects you to be infallible. They know that sooner or later you will fail.
It may seem expensive, difficult, or effortful. It's not, and your best alternative is to lose that customer.
